21st Dec 2021 09:39
(Alliance News) - Titon Holdings PLC reported on Tuesday increased profitability but expressed concern over higher prices for supplies and component shortages going into 2022.
In the financial year that ended September 30, Titon said pretax profit leapt to GBP1.1 million from just GBP18,000 in financial 2020. The Essex-based ventilation and hardware manufacturer and supplier cited a strong performance in its UK business for the improvement.
Revenue rose 13% to GBP23.4 million from GBP20.7 million. Its UK business led the rise, while in South Korea revenue fell.
Titon said its South Korea business revenue fell 27% to GBP3.6 million from GBP4.9 million as a result of a slowdown in residential construction activity and delays in projects, the impact of the pandemic, and supply chain issues. Revenue from its UK business, however, rose 34% to GBP16.1 million from 12.2 million.
Titon noted price increases for raw materials, components and labour and said it expects to see this continue throughout 2022. Continuing component shortages was also an area of concern looking forward. Nonetheless, Titon said it remains optimistic over the medium-term prospects for the group.
Titon declared an increased final dividend of 3.0 pence per share, up 50% from 2.0p the previous financial year. That provided a full-year payout of 4.5p, more than doubled from 2.0p.
Shares in Titon were down 3.9% at 105.75 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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